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FTX CEO Bankman-Fried resigns, bankruptcy proceedings begin
In a statement posted on FTX's official Twitter account this morning, FTX announced that Sam Bankman-Fried will be stepping down from his position as Chief Executive Officer of FTX Group. About 130 companies affiliated with Bankman-Fried's FTX group have also entered voluntary bankruptcy proceedings, according to the statement. New CEO John J. Ray III said that FTX has “valuable assets that can only be managed effectively in an organized, collaborative process,” noting that the Chapter 11 process does not include LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd. and FTX Express…
FTX CEO Bankman-Fried resigns, bankruptcy proceedings begin
In a statement posted on FTX's official Twitter account this morning, FTX announced that Sam Bankman-Fried will be stepping down from his position as Chief Executive Officer of FTX Group.
About 130 companies affiliated with Bankman-Fried's FTX group have also entered voluntary bankruptcy proceedings, according to the statement.
New CEO John J. Ray III said that FTX has “valuable assets that can only be managed effectively in an organized, collaborative process,” noting that the Chapter 11 process does not include LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd. and FTX Express Pay Ltd.
FTX is rumored to have a massive hole in its balance sheet, with some estimates as high as $9 billion.
This is a developing story and will be updated.
Post-FTX CEO Bankman-Fried resigns, bankruptcy proceedings begin, is not financial advice.